Things To Know Before Trading On 4th June 2019
by BM Research www.bmresearch.co.in
Indian market decoupled with the global market and rallied for the Monday session with Nifty making fresh high of 12103 in the second half of the trading session, a good start of the week. Index closed 1.39% up at 12088 levels.
In the sectoral, all the indices ended firm with Auto, Financial Services, FMCG, IT and Metal leading the gains of more than a percent on expectations of RBI’s another rate cut by 25% a measure taken to ease the weak GDP data.
In the Broader market, Midcap and the Small cap index gained 0.96 and 028% respectively.
In the US market,
- US Dow Jones Industrial Average had a slight recovery after falling sharp 350 points in the previous session. The index closed 4 points higher than the previous close.
- The Nasdaq composite dropped further though with big tech shares like Facebook, Apple, Amazon, Alphabet taking corrective move. The index closes 1.61% down.
- Dow futures also recovered to rise 0.3%
Asian shares were mostly lower for the Monday session as trade tension does not seem to fade
Indian and Global market at a glance
US- China working on a “Phase 1” trade deal
Positive news from the Brexit front boost the Global and…
- Today, the Japanese Nikkei index falls further 0.37% after an early gain.
- Hong Kong’s Hang Seng index also slumps further 81 points currently 0.35% down.
- SGX Nifty opens lower of 54 points.
- Crude oil stabilises after a sharp fall from past few days as Saudi Arabia assures to keep supply in check. Saudi Arabia indicated that the group of oil producers, together with Russia, would continue managing global crude supplies to avoid a surplus.
- WTI crude oil is currently quoting at $53.03/bbl while Brent Crude Oil trading flat quoting at $60.98/bbl.
- Gold trade firm on global risk aversion and moves up during risk off sentiment. As Global stocks and other assets classes were down, Gold take cues as safe haven investment reaching $ 1330/ounce yesterday and currently quoting at $1329/ounce today.
Among the important macroeconomic data released,
- US ISM Manufacturing data showing manufacturing in US read below estimate for May to 52.1 compared to estimate of 53, lowest since October.
- While India’s manufacturing data grows with Nikkei India PMI data index improving to 52.7 in May from 51.8 in April supporting the rally in the market yesterday.
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